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, this is almost by design. i mean, policy makers designed the tax cuts to expire. they had spending cuts that were set to kick in. it all came together on january 1, 2013. to a large degree it was by design. the pressure of this generated a desert shield and that's the hooker. >> schieffer: but nobody thought either the white house or congress would be stupid enough to let all of this happen but here we are-- >> no, no, in my view, this is sticking soscript. this is exactly the way i think everybody thought it would go. they come together january 1, 2013 aprosmed, the pressure would begin to mount, wall street would begin to get nervous, presidencies would get nervous. we see groups like maya's group form because they don't want to see us go over the cliff. this is exactly, i think, what everyone anticipated. i am not panicked in the sense at the end-- >> schieffer: you think they'll actually do something. >> absolute, because if they don't-- >> schieffer: beyond kicking it down the road? >> absolute. if they don't address these issues, if they don't scale back the cliff and raise the debt ceiling
to hear. basically geithner said no waw to cut a deal without raising taxes on upper income americans. even though, he said he's optimistic some kind of deal can be reached by the end of the year, and he said 98% of americans will not see a tax rate increase. here's what he told us when we sat down with him. >> i do think we're going to get there because the only thing that stands in the way of an agreement that's good for the economy is if a group of republicans decide they're going to block and increase in tax rates on the wealthiest americans. i think it's unlikely they will choose to do, that of course, because there's so much at stake. >> schieffer: in all seriousness, i'm told mitch mcconnell laughed when you handed in this proposal. is that true? >> they're in a hard position, bob. they really are in a difficult position. and they're going to have to figure out their politics of what they do next and they're trying to figure that out right now. we're going to work very hard at this and we're going to keep talking to each other. and, again, i think we have a very good chance for
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